Is JustMarkets Legal in Saudi Arabia? Regulation, Safety and Trading Guide

Saudi Arabia has one of the fastest-growing investor bases in the Middle East, and many people who trade the Tadawul now want access to currencies, gold and global indices as well. That curiosity quickly leads to a practical question: is JustMarkets legal in Saudi Arabia, and what does it mean for a Saudi resident to open an account with an international broker that holds no local licence? This guide answers that question carefully, explains how the Kingdom regulates securities and forex activity, and shows you what to check before you commit any money.

We will not tell you what you want to hear. Instead, we will lay out the rules as the authorities themselves describe them, show how JustMarkets is organised, and give you a structured checklist so that you can make your own informed decision.

If you simply want to see the broker's current product range before reading on, you can browse the JustMarkets homepage and its market list. Come back afterwards; the regulatory context below matters more than any advertised spread.

Is JustMarkets Legal in Saudi Arabia? The Short Answer

JustMarkets is a regulated international broker, but none of its licences is issued by a Saudi authority. Its official regulations page lists supervisors in Seychelles, Cyprus, South Africa, Mauritius and the British Virgin Islands. It does not list an authorisation from the Capital Market Authority (CMA), which is the body that licenses securities business inside the Kingdom.

That has two consequences worth separating:

• For the broker: the CMA has repeatedly stated that firms which are not Authorised Persons must not carry out securities business in Saudi Arabia, and that doing so breaches the Capital Market Law.
• For you as an individual: the CMA's public messaging focuses on warning investors rather than describing penalties for individuals, but it also states that contracts involving securities business with an unauthorised person are considered void. In practical terms, you would have no Saudi regulator to complain to and potentially weak legal footing if something went wrong.

So the honest answer is: JustMarkets is not a Saudi-authorised firm, the Saudi authorities discourage dealing with unlicensed forex providers, and anyone in the Kingdom considering it should verify the current position directly with the CMA before acting. We are not lawyers, and this is not legal advice; rules and enforcement priorities change, so treat the regulator's own website as the final word.

Key facts at a glance

How Saudi Arabia Regulates Securities and Forex

To understand why the answer is cautious, you need a picture of who does what in the Saudi financial system. Three bodies matter most for anyone thinking about online currency or CFD trading.

The Capital Market Authority (CMA)

The CMA was established under the Capital Market Law and is responsible for regulating and developing the Saudi capital market. Firms that deal in securities, arrange deals, manage portfolios, advise or provide custody must be licensed as "Authorised Persons" (often called capital market institutions). The CMA publishes a list of licensed institutions on its website, and each entry shows the specific activities the firm is allowed to carry out.

In its public statements the CMA has made several points very clearly:

• Investors should limit their dealings to CMA-authorised institutions.
• Unauthorised persons, whether individuals or companies, are not permitted to collect money or conduct securities business.
• Conducting securities business without authorisation is a violation of the Capital Market Law and its implementing regulations.
• Agreements that involve securities business with an unauthorised person are considered void.
• Investors are urged to report unauthorised activity, including promotion through websites, social media, SMS and messaging apps.

The CMA also maintains a separate list of companies that are not authorised to carry out securities business in the Kingdom. Checking both lists takes a couple of minutes and should be your very first step with any broker.

The Saudi Central Bank (SAMA)

SAMA, formerly the Saudi Arabian Monetary Agency, supervises banks, payment service providers, insurance companies and finance companies. It does not license forex brokers in the way the CMA licenses securities firms, but it matters to traders for a very practical reason: banks and payment providers operate under SAMA's rules, and they may question, delay or decline transfers that appear to be linked to unlicensed trading platforms.

The permanent committee on unlicensed forex

Saudi Arabia goes further than many countries by having a dedicated public body focused on this issue. A permanent committee, formed by Royal Order and chaired by the CMA, works to raise awareness and warn the public about unlicensed trading in foreign exchange ("forex") and unlicensed digital currency schemes. Its members have included the Ministry of Interior, the Ministry of Media, the Ministry of Commerce and SAMA.

The committee's messages tend to focus on fraud: social media accounts using photos of well-known figures, adverts promising instant profits, and fake platforms targeting both Saudi citizens and expatriate workers. That focus is useful context. Much of the harm that Saudi residents suffer comes not from established brokers but from outright scams wearing a broker's clothing.

What "legal" means in this context

People often ask whether trading forex is "halal" or "legal" as if the two questions were the same. They are not. Legally, the issue is whether the firm you deal with is authorised to offer the service in Saudi Arabia. Religiously, the issue is whether the product structure complies with Sharia principles. We cover the second question briefly later, but you should seek a qualified scholar's view on it; we only describe the regulatory position here.

It is also worth separating trading in general from trading with an offshore broker. Saudi residents can invest in local and international markets through CMA-licensed institutions. The regulatory concern is specifically about firms that solicit or serve Saudi residents without a CMA licence.

How JustMarkets Is Organised Worldwide

JustMarkets began life in 2012 under the name JustForex and adopted its current brand in 2022. If you want the longer history, our guide on which country JustMarkets is from walks through the company's background in detail. For this article, the key point is that JustMarkets is a group of companies rather than a single licensed entity.

According to the broker's official regulations page, the group includes:

Each licence covers a specific company and a specific set of activities. A licence held by the Cyprus company does not automatically protect a client whose account sits with the Seychelles company, and vice versa. This is the single most misunderstood point in broker regulation, and it is why we keep telling readers to check the exact legal entity named on their client agreement.

Where a Saudi Resident Fits In

When you register with a multi-entity broker, the company you contract with is usually determined by your country of residence. Saudi Arabia is not in the European Economic Area and is not South Africa, so a Saudi resident who is accepted would most likely be onboarded by one of the offshore entities, typically the Seychelles company. The exact assignment can change, so always read the legal name on the documents you accept during registration.

Here is what that means in practice:

• Your contractual counterparty is an offshore company, and disputes would normally be governed by the law named in the client agreement, not Saudi law.
• Your complaints route runs through the broker's internal process and then, potentially, the offshore regulator. The CMA would have no supervisory relationship with the firm.
• Leverage limits are set by the offshore entity's rules, which are generally far looser than those of strictly regulated markets. JustMarkets advertises leverage of up to 1:3000 on some instruments for eligible clients.
• Investor compensation schemes that exist in some jurisdictions, such as the EU, do not extend to clients of offshore entities.

JustMarkets states that it does not serve residents of a number of countries, including the United States, the United Kingdom, Canada, Australia and Japan, as well as sanctioned jurisdictions. Saudi Arabia is not on that commonly cited list, which means the website may well allow you to sign up. Being able to register, however, is not the same thing as the service being authorised in your country. That distinction is the core of this whole article.

Why offshore licences still matter

It would be wrong to conclude that an offshore licence is meaningless. A regulated entity must meet capital requirements, keep records, follow anti-money-laundering rules and respond to its supervisor. Compared with an unregulated website run from nowhere, that is a real difference. But it is a different level of protection from the one you would get from a CMA-authorised institution, and you should price that difference into your decision.

Account Types and Trading Costs

JustMarkets publishes several account types. The figures below reflect the broker's own published specifications at the time of writing; they change from time to time, so treat them as a starting point and confirm them on the official site.

How to read these numbers

"Spreads from" is the lowest spread the broker has seen under ideal conditions, not what you will pay on every trade. Typical spreads are wider, and they widen further around economic releases, at the daily rollover and in thin markets. The Raw Spread account replaces most of the spread with a fixed commission, which makes costs more predictable for frequent traders. If you are thinking of very short-term trading, our article on whether JustMarkets allows scalping compares these accounts in more depth.

Other costs to consider

• Swaps: overnight financing charges or credits on positions held past the daily rollover, unless your account has swap-free status for that instrument.
• Currency conversion: if you fund in one currency and your account is in another, your bank or payment provider will apply an exchange rate.
• Payment provider fees: JustMarkets says it does not charge deposit or withdrawal fees itself, but banks and e-wallets may.
• Inactivity: check the current client agreement for any dormant account terms.

Deposits, Withdrawals and Currencies

JustMarkets offers bank cards, e-wallets, local payment methods, cryptocurrencies and bank wires, with availability depending on your country. Deposits and withdrawals are handled through the client "Personal Area". The broker advertises fast processing on its side, while noting that payment providers can add delays.

For Saudi residents a few specific points apply:

• Account currency: the published list of account currencies includes USD, EUR, GBP and several regional currencies such as AED and KWD. At the time of writing we did not see the Saudi riyal listed, so most Saudi clients would likely use a USD account. Because the riyal is pegged to the US dollar, conversion risk between SAR and USD is limited, but conversion fees still apply.
• Bank scrutiny: Saudi banks follow SAMA's compliance expectations. A transfer to an offshore broker may be questioned or declined, and repeated attempts can trigger additional checks on your account.
• Withdrawal method: brokers normally require withdrawals to go back to the same method used for deposit, in line with anti-money-laundering rules. Plan your funding route with withdrawals in mind.
• Third-party payments: never deposit through a friend's card or a "local agent's" account. Apart from being against most brokers' rules, it is a classic route for fraud.

Before trusting any broker with a meaningful sum, a sensible approach is to make a small deposit, place a few small trades and then request a withdrawal. A smooth round trip tells you more than any review.

Trading Platforms

JustMarkets offers MetaTrader 4 and MetaTrader 5 for Windows and macOS, a browser-based WebTrader, and its own mobile app for iOS and Android, which also lets you manage the Personal Area. If you prefer to trade on a computer, our guide to downloading JustMarkets on PC explains installation, server selection and common login problems.

The platforms are industry standard and are used by many brokers, including CMA-licensed institutions that offer MetaTrader. That is worth remembering: the software is not what makes a broker safe or unsafe. The legal entity behind it is.

Swap-Free Accounts and Islamic Finance Questions

JustMarkets offers swap-free status on its account types, and its website describes different swap-free levels under which overnight charges are waived on many instruments. Some Saudi traders see this as resolving the religious question, but the issue is more complex.

• Removing swaps addresses the interest element on overnight positions, but scholars also discuss questions such as leverage, the nature of CFDs (you do not own the underlying asset) and immediate settlement.
• Swap-free status may come with conditions, and some instruments may still carry an administrative fee or be excluded. Read the current terms before relying on it.
• Different scholars reach different conclusions. If this matters to you, consult a qualified scholar rather than relying on a broker's marketing.

Readers in neighbouring Gulf countries face similar questions; our guides on JustMarkets in the UAE and JustMarkets in Kuwait cover how those markets approach regulation.

Scams Targeting Saudi Traders

The Saudi authorities have spent years warning about forex fraud for good reason. Most losses reported by ordinary people come from schemes that only pretend to be brokers. Knowing the common patterns protects you whether or not you ever use JustMarkets.

Celebrity and news-style adverts

Fake articles and social media adverts use photos of famous businesspeople, presenters or officials to promote "automatic trading systems" with guaranteed returns. The permanent committee has specifically warned about this tactic. No legitimate broker guarantees profits.

WhatsApp and Telegram "account managers"

A friendly contact offers to trade for you, asks for your login details, or tells you to send money to a personal account. Genuine brokers do not ask you to transfer funds to individuals, and you should never share your trading password.

Clone websites

Fraudsters copy a real broker's logo and design on a slightly different domain. Always type the broker's address yourself, and compare it with the domains listed on the regulator's register where available.

Withdrawal "taxes" and fees

Victims are told they must pay a tax, insurance fee or "anti-money-laundering deposit" before they can withdraw. This is a hallmark of fraud. Legitimate brokers deduct any applicable fees from your balance; they do not ask for new money to release old money.

Recovery scams

After a loss, victims are contacted by "lawyers" or "agencies" promising to recover their funds for an upfront fee. These are frequently run by the same networks. Report losses to the CMA and the relevant authorities instead.

Step-by-Step Safety Checklist

Use this checklist before opening an account with any international broker, including JustMarkets.

1. Check the CMA lists. Search the CMA's list of licensed capital market institutions and its list of non-licensed companies for the broker's name and domain.
2. Identify the legal entity. During registration, note the exact company name on the client agreement and privacy policy.
3. Verify that entity with its regulator. Look it up on the official register of the regulator named (for example the Seychelles FSA or the Mauritius FSC) and compare the details with what the broker publishes.
4. Read the client agreement. Pay attention to governing law, complaints procedures, prohibited trading practices and conditions for negative balance protection.
5. Confirm your bank's stance. Ask your bank whether it will process transfers to the payment method you intend to use.
6. Start with a demo. Practise on a demo account with the same account type you plan to use live.
7. Test a small round trip. Deposit a small amount, trade minimal size, and withdraw before scaling up.
8. Secure your account. Use a unique password, enable two-factor authentication where offered and never share credentials.
9. Set hard risk limits. Decide in advance how much you can afford to lose in total and per trade.
10. Keep records. Save copies of agreements, deposit receipts and correspondence in case you ever need to make a complaint.

CMA-Authorised Firm vs Offshore Broker

The table below compares, in general terms, what a Saudi resident can expect from a CMA-authorised institution and from an offshore broker such as JustMarkets' international entities. Individual firms differ, so use this as a framework rather than a verdict.

The offshore column is attractive on cost and flexibility, while the CMA column wins on protection and legal certainty. For many Saudi residents, especially beginners, that trade-off points towards local institutions. If you still want to understand JustMarkets' offer in detail before weighing it up, you can check what JustMarkets currently lists for each account and compare it with a CMA-authorised firm side by side.

A Worked Example With Hypothetical Numbers

High leverage is the feature that most often turns a small mistake into a large loss. The following example is entirely hypothetical and simplified; it is meant to show the mechanics, not to predict results.

Imagine a trader with a balance of $1,000 who uses leverage of 1:500 and buys 1 standard lot of EUR/USD at 1.1000.

• The position's notional value is 100,000 euros, or about $110,000.
• Required margin at 1:500 is about $110,000 ÷ 500 = $220.
• Each one-pip move is worth about $10.
• Margin level is equity divided by used margin, times 100. At the start it is $1,000 ÷ $220 × 100 ≈ 455%.

With a 40% margin call level, the warning comes when equity falls to about $88 (40% of $220). That would happen after a loss of roughly $912, or about 91 pips. With a 20% stop-out level, positions start being closed automatically when equity reaches about $44, after a loss of roughly 95 to 96 pips.

A 91-pip move in EUR/USD is not rare over a few days, and it can happen within hours around major news. In other words, this trader could lose almost the entire account on a single position. Now consider the same trade at 0.05 lots instead: each pip is worth about $0.50, and the same 91-pip move costs about $45. Position size, not the leverage ceiling, is what really determines your risk.

A cost comparison, also hypothetical

Suppose typical EUR/USD spreads in quiet conditions were 1.0 pip on Standard, 0.6 pips on Pro and 0.1 pips on Raw Spread (these are illustrative assumptions, not quotes). For one standard lot round trip:

• Standard: 1.0 pip × $10 = about $10.
• Pro: 0.6 pips × $10 = about $6.
• Raw Spread: 0.1 pips × $10 + $6 commission ($3 per side) = about $7.

The cheapest account depends on actual spreads at the time you trade, so compare live conditions on a demo before deciding.

Notes for Expatriate Residents

A large share of the Kingdom's population is made up of expatriates. If that includes you, a few extra considerations apply:

• Residence decides the rules. Brokers usually assign you to an entity based on where you live, not your passport, but some also exclude citizens of certain countries. United States citizens, for example, are commonly refused by offshore brokers regardless of residence.
• Home-country tax. Saudi Arabia does not levy personal income tax on individuals in the way many countries do, but your home country may tax your worldwide income. Check with a tax adviser.
• Moving countries. If you relocate, your broker may need to move you to a different entity or close your account. Update your details promptly.

Traders comparing nearby markets may also find our guides on Jordan and Egypt useful, as each country's regulator takes a slightly different approach.

Frequently Asked Questions

Is JustMarkets licensed by the Capital Market Authority?

JustMarkets does not list a CMA licence on its official regulations page. You can confirm the current position by searching the CMA's list of licensed capital market institutions.

Is forex trading illegal for individuals in Saudi Arabia?

Trading through CMA-authorised institutions is permitted. The authorities' warnings target unlicensed firms and fraudulent schemes. They also state that contracts with unauthorised persons are void, which leaves individuals unprotected. Check the CMA's current guidance for the latest position.

Can I open a JustMarkets account from Saudi Arabia?

Saudi Arabia is not on the list of countries JustMarkets commonly says it does not serve, so registration may be possible. Being able to register does not mean the service is authorised in the Kingdom.

Which JustMarkets entity would hold my account?

Most likely one of the offshore entities, often the Seychelles company. The exact company is named in the client agreement you accept during registration.

Is there a Saudi riyal account?

At the time of writing, the riyal did not appear in the published list of account currencies. Most Saudi clients would likely use a USD account; check the current list on the official site.

Does JustMarkets offer Islamic accounts?

It offers swap-free status on its account types. Whether a particular product is Sharia-compliant is a separate question for a qualified scholar.

Will my Saudi bank allow deposits to JustMarkets?

Banks apply their own compliance policies under SAMA's oversight and may decline transfers linked to unlicensed platforms. Ask your bank before attempting a deposit.

What leverage can a Saudi resident use?

Offshore entities advertise leverage of up to 1:3000 on some instruments for eligible clients. Higher leverage increases risk; many experienced traders use far less.

How do I report a suspected forex scam in Saudi Arabia?

Use the CMA's official reporting channels and contact the relevant law enforcement authorities. Keep screenshots, receipts and chat logs as evidence.

Is JustMarkets a scam?

JustMarkets is a real broker with licensed entities that you can look up on regulators' registers. That is different from being authorised in Saudi Arabia. Also beware of clones that use its name.

Glossary

• Authorised Person: a firm licensed by the CMA to conduct securities business in Saudi Arabia.
• CFD (contract for difference): a derivative that lets you speculate on price changes without owning the underlying asset.
• Entity: the specific legal company within a broker group that holds your account.
• Leverage: the ratio between position size and the margin required to open it.
• Margin call: the margin level at which the broker warns that your equity is running low (40% at JustMarkets' main accounts).
• Stop out: the margin level at which positions start closing automatically (20% at JustMarkets' main accounts).
• Pip: the standard unit of price movement in a currency pair, usually the fourth decimal place.
• Spread: the difference between the buy and sell price.
• Swap: the overnight financing charge or credit on a position held past rollover.
• Swap-free: an account status under which overnight swaps are waived on eligible instruments.
• Offshore regulator: a supervisor in a jurisdiction such as Seychelles or Mauritius that licenses firms mainly serving international clients.

Summary and Final Thoughts

So, is JustMarkets legal in Saudi Arabia? JustMarkets is a genuinely regulated broker group, with entities overseen in Seychelles, Cyprus, South Africa, Mauritius and the British Virgin Islands. It does not, however, hold a licence from the Capital Market Authority, and Saudi authorities have consistently warned residents against dealing with firms that are not CMA-authorised, noting that such contracts are considered void.

For a Saudi resident, the practical takeaways are:

• Check the CMA's licensed and non-licensed lists before dealing with any broker.
• Understand that an account with JustMarkets would sit with an offshore entity, outside Saudi supervision.
• Expect possible friction from banks, and plan withdrawals before deposits.
• Treat leverage with great respect and size positions conservatively.
• Watch out for scams using celebrity adverts, messaging apps and clone websites.

If you value local oversight, a CMA-authorised institution is the safer route. If you are an experienced trader weighing an offshore broker anyway, make the decision with your eyes open, verify everything with the regulators, and never risk money you cannot afford to lose. Whether JustMarkets is legal in Saudi Arabia for your circumstances is ultimately a question to confirm with the CMA and, where needed, a qualified Saudi lawyer.

🔥 Your next move: before deciding anything, read JustMarkets' official regulation and account pages, then cross-check them against the CMA's lists.

📌 Important: CFD Risk Warning and Disclosure

CFDs and forex are complex instruments traded on margin, and leverage means you can lose money rapidly. Many retail traders lose money when trading CFDs. Before you trade, make sure you understand how CFDs, leverage and margin work, and consider whether you can afford to take the high risk of losing your money. Past performance and hypothetical examples are not reliable indicators of future results.

Disclaimer: this article is for general information and education only. It is not financial, investment, tax or legal advice, and it is not a recommendation to open an account with any broker. Regulations, licences and broker conditions change; always verify the current position with the relevant regulator and the broker's official website, and seek independent professional advice where appropriate.

🔗 Affiliate notice: we may earn a referral commission when readers open accounts via links here; your costs stay the same.